The loan agreement between Vishal and Laika guarantees that the latter will hold the rights to all of Vishal’s films till the loan is fully repaid.
Vishal had to pay a loan of ₹21.29 crore to Anbu Chezhiyan of Gopuram Films, which was accepted and repaid by Lyca.
Actor and producer Vishal Krishna Reddy, the sole proprietor of Vishal Film Factory, has been ordered by the Madras High Court to deposit ₹15 crore in a nationalized bank to the credit of a civil complaint filed against him by Lyca Productions Pvt Ltd. Justice Senthilkumar Ramamurthy gave the order while hearing the petition of Lyca Productions. The petitioner asked the court to order Vishal to credit to the credit of the suit all money collected or due on account of the film Veerame Vagai Soodam. The suit was brought from the petitioner to the respondent for recovery of loan of ` 21.29 crore as well as interest.
Vishal had to repay a loan of ₹ 21.29 crore to Anbu Chezhiyan of Gopuram Films. Thereafter, the loan was accepted and repaid by Laika. The loan agreement between Vishal and Laika guarantees that the latter will hold the rights to all of Vishal’s films till the loan is fully repaid.
The petitioner further claimed that the respondent, who is the producer of Veeram Vagai Soodam under his label Vishal Film Factory, released the film on his own in violation of the agreement, and is bound to repay the loan and the film should be OTT. Therefore, Lyca filed a case in the Chennai High Court, seeking a stay on the release of the film Veerme Vagai Sood in other languages and the sale of satellite and OTT rights without paying them ₹21.29 crore. paid.
After hearing the arguments, the judge ordered Vishal to open an interest-bearing fixed deposit account in the name of the Registrar General, Madras High Court for ₹15 crore to the credit of the suit within three weeks. “Such fixed deposit shall be for an initial period of one year, and shall be renewed till the case is resolved,” the judge said. The High Court adjourned the hearing till March 22.
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